Wills and Trusts

We all wish to pass on hard-earned wealth to our offspring. With grandkids, especially, we often share a special bond that makes us want to provide well for their future. Do you have the proper precautions in place for these dreams to become reality? If you’re planning to include the grandchildren in your will or trust, here are five potential dangers to watch for, and ways you can avoid them. No age stipulation We have no idea how old the grandchildren will be when we die. If they are under 18 or financially immature when you pass on, they could.

Most people today know and love someone from a blended family, or come from a blended family themselves. The latest statistics show 46 percent of weddings taking place in the United States today are the creation of a stepfamily. Blended families come in countless shapes and sizes, and can be just as diverse in their dynamics and values. If you are part of a blended family, you are aware of the unique benefits and challenges that can come with the territory. Because they are so unique, the process of protecting your family can be equally challenging. It is therefore important.

Congratulation! You’ve formed a revocable trust – also known as a living trust. This is a great start to protecting your assets and your family’s future. But wait…Did you know that your family will not have access to the benefits of a revocable trust, if you haven’t transferred your assets? This needs to happen when the trust is formed, and continually updated throughout your life So how is this done? In order to enjoy the benefits of your revocable trust, you must transfer ownership of your assets from you, to the trust. We call this “Funding the trust.” Your assets.

Some of us are familiar enough with the phrase “estate plan” to know we’d rather not discuss the subject. Besides the headache of paperwork, estate planning can bring up some uncomfortable topics for you and your family. Things we usually avoid talking about, like end-of-life decisions and incapacitation, are confronted head-on by an estate plan. You may be tempted to avoid the task of estate planning, in hopes of sparing yourself hard conversations. But it turns out, the feelings behind such tough choices are actually a reason to embrace the process, and tackle your estate plan now, not later. Here.

I am sure when you completed your estate plan you felt relief and confidence that all was in place for your loved ones. However, time marches on. Just as your life changes, your trust needs to change to fit your new circumstances. The little ones who were on your lap when you first set up your trust, may have little ones of their own now. The assets you own likely have multiplied or increased in value. The people you listed as executors or trustees may no longer be able to aid you and family dynamics may have changed. It is important to note that most older trust documents fail to include incapacity planning or government benefit provisions for trustees, such as Social Security, Medicare or Medicaid.

Choosing who to care for your minor children in the event of your passing may well be one of the most difficult decisions you face as part of your planning process. The following is a list of suggestions to help you weigh out your options. The first thing to remember, though, is that nobody is going to parent your child exactly like you would. Looking for that “perfect” fit may keep you from making any choice at all, in which case the courts will decide for you. Your children may end up being raised by someone you DON’T want, and that is unacceptable. Walk through these suggestions and make a list of what is most important to you. Then make the best decision possible.

Choosing someone to administer your estate may be a daunting task. This person is known as a fiduciary or someone who is legally obligated to act in your interest. After you thoughtfully set up your trust and the stipulations for taking care of your loved ones financially, you will need someone to act in your behalf to see it through. He or she will be responsible for continued management of the trust and/or distribution to the beneficiaries. The trustee will consult with the beneficiaries about periodic checks issued from the trust, expenses to be paid and permissible withdrawals against the principal. Here are some considerations for selecting the right person for the job.

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Securing Your Future, Family and Business

We are an estate and business planning law firm serving Lehi, Highland, Alpine, South Jordon, Draper and the greater Utah and Salt Lake County area. If you need estate planning help, we are ready to serve.